Nifty weekly analysis for 23/10/23
Nifty has been taking support around the round figure number of 19500 and has formed a kind of tweezer top on the weekly charts.
The market has been volatile and still confused in deciding the trend.
It has closed below the 20 ema on the daily charts. There is an inside candle or a halt candle after a gap down opening.
Market has been consolidating in a range from 21 september and the month of october has entered the last week of the month.
High chance of a break out or break down are there. It can give nice targets with a small Stop loss in a trade.
On the hourly chart, there is a bearish moving averages cross over and it remained in the first hour candle after a gap down opening.
Still the markets are hitting the stop losses and are not profitable for an intraday option buyers.
Sideway cycle of the market will be changed once it starts trading outside the major levels of 19500 to 19850. Once this range is cleared on the either side there will be a trending market.
On the smaller time frame, market hasn't moved much while taking resistnace from the 20 ema and closed below both the moving averages (15 minute chart).
Support :- 19480-500, 19350
Resistance :- 19580, 19680
Market has been consolidating after a gap up or gap down opening and there will be a movement once it opens flat.
Wait for the price action near the levels before entering the market.
The market has been volatile and still confused in deciding the trend.
It has closed below the 20 ema on the daily charts. There is an inside candle or a halt candle after a gap down opening.
Market has been consolidating in a range from 21 september and the month of october has entered the last week of the month.
High chance of a break out or break down are there. It can give nice targets with a small Stop loss in a trade.
On the hourly chart, there is a bearish moving averages cross over and it remained in the first hour candle after a gap down opening.
Still the markets are hitting the stop losses and are not profitable for an intraday option buyers.
Sideway cycle of the market will be changed once it starts trading outside the major levels of 19500 to 19850. Once this range is cleared on the either side there will be a trending market.
On the smaller time frame, market hasn't moved much while taking resistnace from the 20 ema and closed below both the moving averages (15 minute chart).
Support :- 19480-500, 19350
Resistance :- 19580, 19680
Market has been consolidating after a gap up or gap down opening and there will be a movement once it opens flat.
Wait for the price action near the levels before entering the market.
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